Los Angeles, United States
Platinum Equity was notified that its affiliate, Steering Solutions Corp., has been approved by the U.S. Bankruptcy Court for the Southern District of New York as the acquirer of Delphi Corporation's (PINK SHEETS:DPHIQ), global steering and halfshaft business. The ruling clears the way for completion of the transaction as soon as all regulatory approvals have been received.
"We are very enthusiastic about completing this transaction and launching the steering and halfshaft business as a standalone company," said Platinum Equity Partner Johnny O. Lopez.
"We had an entire team, including Platinum's Chairman Tom Gores, working very hard over the past 18 months to understand this business, and to forge agreements with both Delphi management and the steering unit's leadership team, led by Bob Remenar," Mr. Lopez said. "Along the way, we cultivated strong relationships with the United Auto Workers and with General Motors, key constituents whose support is vital to the long-term success of the business.
"We're now looking forward to completing the transaction and building on the rich heritage and solid foundation of this business," Mr. Lopez said. "We have a lot of confidence that Bob Remenar and his team can build, with our support, a strong standalone business, dedicated to technology and the company's diverse global customer base, with great potential for growth in the future."
The sale includes all facets of the $2.7 billion global steering and halfshaft business, which produces electric and hydraulic steering systems, steering columns, halfshafts and constant velocity joints for original equipment manufacturers around the world. More information on this final sale approval and the court filing is available at www.delphidocket.com.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has acquired more than 80 businesses with more than $23 billion in aggregate annual revenue at the time of acquisition.
Source: Business Wire (Business Wire India)